New banking and insurance app Onuu goes live in the US
All-in-one banking and insurance platform Onuu has launched its mobile app across the US, available on the Apple store, with the Android rollout scheduled for October.
Onuu launches across the US
Founded in 2021 and headquartered in Austin, Texas, Onuu aims to “democratise financial security access for Americans of modest means” and claims to have 600,000 members on its waitlist.
Through a subscription membership service starting at $7.99 a month, Onuu aims to provide financial tools such as checking and savings accounts, Visa debit cards, life and accident insurance, budgeting tools and an AI-powered financial coach, Candi.
In addition, Onuu is also offering members access to their “financial security score” which uses machine learning (ML) models to factor in their income, regular and irregular expenses, insurance, savings, health, and financial behaviours to determine a measure of their overall financial well-being.
Onuu claims there are more than 166 million Americans who have been “excluded” from financial services because of “outdated” financial systems that factor in credit score, age and address.
“As Artificial Intelligence (AI) and ML built on old frameworks continue to dominate the most basic automated processes in modern life, like applying for a credit card, AI bias often prevents Americans of modest means from accessing essential financial tools,” the start-up says.
“Onuu is building modern technology using that same data to create new models designed to fit the needs of the people, paving the way to financial freedom all under one app.”
